BDCX vs. PIT
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while PIT is a Commodities fund actively managed by VanEck. BDCX is passively managed, while PIT is actively managed. Over the past 3 years, BDCX returned 3.33%/yr vs 24.30%/yr for PIT. At a 0.06 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.55%/yr for PIT.
Performance
BDCX vs. PIT - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -12.50% return, which is significantly lower than PIT's 41.36% return.
BDCX
- 1D
- -4.22%
- 1M
- -11.22%
- YTD
- -12.50%
- 6M
- -14.12%
- 1Y
- -17.95%
- 3Y*
- 3.33%
- 5Y*
- 1.39%
- 10Y*
- —
PIT
- 1D
- 0.58%
- 1M
- -2.84%
- YTD
- 41.36%
- 6M
- 42.58%
- 1Y
- 62.93%
- 3Y*
- 24.30%
- 5Y*
- —
- 10Y*
- —
BDCX vs. PIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -12.50% | -10.42% | 15.32% | 35.33% | 1.47% |
PIT VanEck Commodity Strategy ETF | 41.36% | 21.63% | 6.77% | -4.54% | 2.74% |
Correlation
The correlation between BDCX and PIT is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2022 | 0.06 |
The correlation between BDCX and PIT shifts across timeframes, from -0.10 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDCX vs. PIT — Risk / Return Rank
BDCX
PIT
BDCX vs. PIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) and VanEck Commodity Strategy ETF (PIT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| BDCX | PIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.63 | ||
| Sortino ratioReturn per unit of downside risk | -4.37 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.52 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 6.83 | -7.42 |
| Martin ratioReturn relative to average drawdown | -1.05 | 23.27 | -24.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BDCX | PIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 2.97 | -3.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 1.07 | -0.65 |
Drawdowns
BDCX vs. PIT - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than PIT's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for BDCX and PIT.
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Drawdown Indicators
| BDCX | PIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -12.27% | -22.69% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -9.27% | -21.19% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -12.27% | -21.12% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | — | — |
Current DrawdownCurrent decline from peak | -28.88% | -4.56% | -24.32% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -3.99% | -6.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.14% | 2.71% | +14.43% |
Volatility
BDCX vs. PIT - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 7.50% compared to VanEck Commodity Strategy ETF (PIT) at 6.08%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | PIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.50% | 6.08% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 22.42% | 19.02% | +3.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.19% | 21.30% | +5.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.51% | 17.47% | +9.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 17.47% | +9.43% |
BDCX vs. PIT - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than PIT's 0.55% expense ratio.
Dividends
BDCX vs. PIT - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.45%, more than PIT's 6.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.45% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
PIT VanEck Commodity Strategy ETF | 6.31% | 8.92% | 3.59% | 6.44% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and PIT have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (7.50%) compared to PIT (6.08%). In terms of maximum drawdown, BDCX dropped -34.96% vs PIT's -12.27%.
On 3-year performance, PIT leads with 24.30% vs 3.33% for BDCX. On fees, PIT is cheaper at 0.55% per year. On volatility, PIT has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PIT has performed better with a 24.30% return vs 3.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PIT is cheaper with a 0.55% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.45%, compared with 6.31% for PIT.
BDCX is categorized as Leveraged Equities, while PIT is Commodities. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.95% for BDCX and 0.55% for PIT.
PIT currently has the higher Sharpe Ratio (2.97 vs -0.66), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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